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綠色動力環保( 1330.HK ) :上半年多個項目投運致毛利率有所下滑,維持“買入”評級,目標價54.5港元
格隆匯 09-30 15:11

機構:國元證券

評級:買入

目標價:54.5港元

投資要點

2019年中期盈利72.17億元,同比增20.4%:

公司2019年上半年實現收入人民幣(下同)7.95億元,同比增長54.1%,其中垃圾焚燒發電項目運營收入為6.19億元,同比增長56.0%,佔比77.8%。期內實現歸屬於上市公司股東的淨利潤2.17億元,同比增長20.4%,基本每股收益0.19元。

上半年多個項目投運致毛利率有所下滑:

2019年上半年,公司密雲、汕頭、佳木斯、章丘、博白項目陸續併網發電,新增產能5,100噸/日。期內公司共處理生活垃圾340.12萬噸,同比增長59.5%;實現上網電量9.61億度,同比增長51.6%,由於期內新投運項目較多,經歷一定調試階段,以及泰州等項目大修帶來營運成本增加,導致公司上半年毛利率較去年同期下滑8.5個百分點至53.6%,預計下半年公司毛利率有望隨着產能利用率的提升而有所回升。

項目儲備豐富,92019年起將步入產能高速增長期:

上半年於在建項目順利推進的同時,公司積極拓展新項目,先後簽署平陽二期、靖西以及恩施項目特許經營協議併成功收購貴州金沙項目。截至2019年6月30日,公司共有生活垃圾焚燒發電運營項目20個,在建項目7個,籌建項目14個,運營項目垃圾處理能力達1.86萬噸/日,在建及籌建項目垃圾處理能力約3萬噸/日,項目儲備豐富。預計公司2019年底運營項目產能或達2萬噸/日,將較2018年底增長約50%,開始步入產能高速增長期。

維持買入評級,目標價54.5港元:

我們更新公司盈利預測並給予目標價4.5港元,目標價相當於2019年和2020年12倍和8倍PE,較現價有43%的升幅,維持買入評級。

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